Unveiling the Jacobi FT Wilshere Bitcoin ETF
London-based Jacobi Asset Management has achieved a significant milestone by listing Europe's first spot Bitcoin exchange-traded fund (ETF) on Euronext Amsterdam. The Jacobi FT Wilshere Bitcoin ETF, which first received approval in October 2021, is regulated by the Guernsey Financial Services Commission (GFSC) and trades under the ticker symbol "BCOIN." Fidelity Digital Assets will provide custody for the fund, while trading firm Flow Traders will act as the market maker.
Delayed Launch Amid Digital Asset Market Turmoil
Jacobi initially planned to list the fund in 2022, but due to unfavorable circumstances in the digital asset market, including the collapse of the Terra ecosystem and the bankruptcy of the crypto exchange FTX, the firm decided to postpone its plans.
ETF vs. ETN: A New Chapter in Europe’s Crypto Ecosystem
Although exchange-traded notes (ETNs) or exchange-traded products (ETPs) are common in Europe, Jacobi's offering stands out as the first ETF in the region. Unlike ETN investors, who own a debt security, ETF shareholders possess a portion of the product's underlying shares. Jacobi's ETF cannot be leveraged or use derivatives, unlike ETNs, which marks a significant distinction in the financial structure of these investment vehicles.
Europe Takes the Lead, Despite U.S. Attempts
Despite the numerous applications for spot Bitcoin ETFs submitted to the U.S. Securities and Exchange Commission (SEC) over the past few years, none have been approved. The listing of Jacobi's ETF means that Europe will have a spot Bitcoin ETF traded before the U.S. Nevertheless, recent applications featuring "surveillance-sharing" agreements led by asset management giant BlackRock have renewed hope for the approval of a U.S. spot Bitcoin fund to guard against market manipulation.
Jacobi Asset Management's successful listing of the first spot Bitcoin ETF in Europe marks a pivotal moment in the evolution of the cryptocurrency landscape. By providing a new and distinct investment avenue for Bitcoin enthusiasts, this ETF opens up the potential for increased institutional and retail participation. As the world of digital assets continues to evolve and mature, the listing of this ETF on Euronext Amsterdam sets the stage for a new era of crypto investment opportunities in Europe and beyond.